June 4, 2010
- in Uncategorized by schooloftrade
day trading gold futures contracts doesnt get any easier than this…
Hey guys, did you see this Gold trade we called in the live trade room today?
check the tape…we called this one live in the room today and then we covered this trade AGAIN on tonight’s nightly recap video… and look at these results!
here is the trade call from earlier today in the trade room…
this trade was good for over 100 ticks in profit!
dont miss the next trade like this, come join ou live trade room tomorrow, and make sure you watch our nightly newsletter videos, which are sent out every evening at 6pm EST.
we made over 100 ticks in our trade room today before 12-noon est, and now we’ve added another 100 ticks on only 1 contract.
A 4 contract trade made you over 400 ticks and $4,000usd on this single day trade on gold futures contracts.
Let’s take a look at what im watching right now for some day trading opportunities…
I can see a very similar day trading pattern on crude oil futures contracts…
this is a simple 2-step pattern on a slower chart, a 60-minute chart. this is one easy way to use our patterns to profit from this market.
this trade was also called live in our trade room today on crude oil futures…
look for a short entry on crude oil futures below the 71.65, and we will review the trade management of this trade in our live trade room.
Look for profits at 70.00 and 69.25 on the way down.
the dollar index is at its extremes, so I am looking for a dx-pattern to trigger….
with the dollar index at its highs i can see a decent trading range from 87.135 down to 86.985.
my trigger on the dx-pattern will be 87.135 but nothing lower than 86.985.
with the dollar setting up for me, lets look at the euro currency futures contract…
reviewing the euro futures i can see that we have a lot of overhead resistance, so i dont like this trade on the euro at this time.
with the dollar expected to drop, i am looking for the euro to rise, and as you can see, there isnt a clear path for the euro futures to gain momentum, which will make this a trade that is too high risk for my trading strategy.
I will wait on the euro, and in my review of the aussie, canadian dollar, and other markets,
there are no dx-patterns setting up at this time.
Im also watching the fdax (dax) futures contract, one of our favorite markets to day trade futures…
this is a nice looking reversal trade pattern called the 2-step pattern, and this is a 60-minute trading chart, so I consider this to be a slow timeframe chart and a longer-term day trade strategy.
I notice right away a few distinct things about this chart…
1. we are trading near the highs
2. we made an initial attempt to come off the highs, which was a failed attempt
3. there is a substantial amount of room for this market to drop from 6028 down to the next level f support, 5966, making this a potentially very profitable day trade on this futures market.
I am looking for this short below 6028, and I will read tape at 6000.
If i notice big sellers on the tape around 6000 I will hold my position through to 5966 and take half of the position off the table.
I will alos look to hold the remaining portion down to 5900, looking to cover my entire short position around 5900 for a healthy winning trade on the dax.
this reversal pattern attempts to take advantage of the sellers grabbing hold of this market when the buyers run out of gas to keep price propped up around the highs, and the opportunity for profit on this specific trade is a BIG advantage.
I will review all of these for you in the live trade room, and we will continue with our day trading futures education tomorrow!
see you tomorrow in the live trade room, post comments below please 🙂
